DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FSE:
6AX) (“DMG” or the “Company”), a publicly traded, vertically
integrated blockchain and cryptocurrency technology company,
announces today the launch of Terra Pool, a clean, renewable energy
Bitcoin mining pool partnership between DMG and Argo Blockchain plc
(LSE: ARB; NASDAQ: ARBK) (“Argo”). Testing has concluded and Terra
Pool (www.terrapool.io) is now open to the general Bitcoin mining
public. Terra Pool, developed using DMG’s Blockseer technology, is
a unique Bitcoin mining pool focused on clean energy as the basis
for participation. The pool allows its members to showcase their
commitment to clean energy operations and creates new bitcoin from
renewable energy sources.
In June of 2021, DMG and Argo Blockchain announced Terra Pool's
joining the Crypto Climate Accord (CCA) to accelerate the
implementation of solutions that decarbonize crypto mining and the
blockchain sector as a whole. DMG, along with Argo, are the first
two signatories of the CCA. Pools are an essential tool for the
process of mining, as they bring together the computational
resources of multiple mining companies to reduce revenue volatility
while providing a proportional payout structure that ensures secure
transfer of mining transactions to the rightful owners' digital
wallets.
DMG believes Terra Pool has many advantages over existing pools,
including:
- Goal of 100% clean renewable energy power sources from each
miner
- Monetization of Terra Pool-created bitcoin, which may derive a
price premium over other bitcoin
- Annual audits by an independent third party audit firm,
providing greater transparency of pool operations
- Association with other clean energy
miners rather than those supporting carbon-intensive energy
sources
Terra Pool is Powered by Renewable Energy
Sources
The Company believes Terra Pool will become an essential part of
any bitcoin miner's governance to demonstrate carbon neutrality and
ESG-centric operations core to their stakeholder values. Over the
past few years, there has been an increased focus on the energy
consumption of bitcoin mining. Governments such as New York State
are creating rules that single out bitcoin miners due to their
energy use; however, there are ways that bitcoin miners can show
that they are carbon-neutral or on a path to carbon-neutral energy
without the need for extensive government oversight.
“Today, Terra Pool has been extensively tested to work at scale
and has become the backbone of DMG's mining operations. The
opportunity to further scale Terra Pool provides the market with a
readily available supply of ‘green’, clean-mined bitcoin that can
be made available to the market. In particular, financial
institutions have expressed interest in this scarce asset. With
less than 2 million (of 21 million total) bitcoin left to be mined,
we believe Terra Pool-mined bitcoin will be in high demand,” said
DMG CEO, Sheldon Bennett.
Terra Pool Increases Transparency via Third-Party
Audits
As Terra Pool is the first public pool to be run by a publicly
traded company, it is required to be audited by a third-party
independent auditor firm. This is a first in the industry, as no
other public pools are managed by a public company. To date, public
pools have worked without this level of auditing for calculating
hashrate contribution and accordingly the proportion of bitcoin to
be paid out to pool members.
Terra Pool Provides for Association with Other Clean
Energy Leaders
Terra Pool not only focuses on ESG-driven Bitcoin mining but
also works with miners who want to reduce their carbon footprint
through Terra Pool's network of providers who can develop carbon
reducing strategies. This will allow miners to associate themselves
with like-minded Bitcoin miners who are able to showcase their
commitment to decarbonizing Bitcoin mining.
“Terra Pool represents a larger industry shift to renewable
energy-based Bitcoin mining, as results from the Bitcoin Mining
Council's (of which DMG is an Advisory Member) Q1 2022 survey
estimated that 58.4% of the power used for the bitcoin network
included a mix of renewable energy sources, up 59% year-over-year.
As Terra Pool provides a framework for improving mining
monetization, we are encouraged that opening up Terra Pool can help
accelerate this shift,” added DMG's COO, Steven Eliscu.
Terra Pool recently added two charter members ahead of its broad
launch. To maintain its status as a preeminent pool, members will
need to meet the pool's clean energy requirements, verification of
power sources and KYC verification of both the applicant’s
principals and its mining fleet. For more information about joining
Terra Pool, please email info@terrapool.io.
__________________________________________________________________________
About Terra Pool
Terra Pool is the world's first Bitcoin mining pool focused on
clean energy. The purpose of this initiative is to accelerate the
shift from conventional power to clean energy and reduce the impact
of Bitcoin mining on the environment.
Sustainable Mining
DMG's goal is to eliminate significant greenhouse gas emissions
over the next decade. DMG intends to work with like-minded Bitcoin
miners to expedite the shift to clean energy.
Transparency on Energy Consumption
Terra Pool will offer better transparency and is focused on
bringing change to the crypto mining sector, creating a stronger
incentive for crypto miners to produce bitcoin in a
climate-conscious way.
About the CCA
In an effort to decarbonize the global crypto industry by
prioritizing climate stewardship and creating the opportunity for
the entire crypto industry's transition to net-zero greenhouse gas
emissions by 2040, the CCA has outlined the following
objectives:
Achieve net-zero emissions from electricity consumption for CCA
signatories by 2030;
Develop standards, tools and technologies with CCA supporters to
accelerate the adoption of and verify the progress toward
100-percent renewable energy-powered blockchains by the 2025 UNFCCC
(United Nations Framework Convention on Climate Change) COP30
conference.
About Argo Blockchain Plc
Argo Blockchain plc is a global leader in cryptocurrency mining
with one of the largest and most efficient operations powered by
clean energy. The Company is headquartered in London, UK and its
shares are listed on the Main Market of the London Stock Exchange
under the ticker: ARB and on the OTCQX Best Market in the United
States under the ticker: ARBKF.
For more information on Argo Blockchain visit:
www.argoblockchain.com
About DMG Blockchain Solutions Inc.
DMG is an environmentally friendly vertically integrated
blockchain and cryptocurrency company that manages, operates, and
develops end-to-end digital solutions to monetize the blockchain
ecosystem. DMG's sustainable businesses are segmented into two
business lines under the Core and Core+ strategies and unified
through DMG's vertical integration.
Future changes in the Bitcoin network-wide mining difficulty
rate or Bitcoin hashrate may materially affect the future
performance of DMG's production of Bitcoin, and future operating
results could also be materially affected by the price of Bitcoin
and an increase in hashrate mining difficulty.
For more information on DMG Blockchain Solutions
visit: www.dmgblockchain.com
Follow @dmgblockchain on Twitter and subscribe
to DMG's YouTube channel.
On behalf of the Board of Directors,
Sheldon Bennett, CEO and Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Investor Relations Contact:
CORE IR (516) 222-2560
For Media Inquiries:
Jules Abraham, Head of Communications
CORE IR
(917) 885-7378
julesa@coreir.com
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Cautionary Note Regarding Forward-Looking
Information
This news release contains forward-looking information or
statements based on current expectations. Forward-looking
statements contained in this news release include statements
regarding the potential of the patents, Core+ strategies and plans,
developing and executing on the Company's products and services,
working with other platforms to diversify revenues, the launch of
products and services, events, courses of action, and the potential
of the Company's technology and operations, among others, are all
forward-looking information.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations, or intentions regarding the future. Such
information can generally be identified by the use of
forwarding-looking wording such as "may", "expect", "estimate",
"anticipate", "intend", "believe" and "continue" or the negative
thereof or similar variations. The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company,
including but not limited to, market and other conditions,
volatility in the trading price of the common shares of the
Company, business, economic and capital market conditions; the
ability to manage operating expenses, which may adversely affect
the Company's financial condition; the ability to remain
competitive as other better financed competitors develop and
release competitive products; regulatory uncertainties; access to
equipment; market conditions and the demand and pricing for
products; the demand and pricing of bitcoins; security threats,
including a loss/theft of DMG's bitcoins; DMG's relationships with
its customers, distributors and business partners; the inability to
add more power to DMG's facilities; DMG's ability to successfully
define, design and release new products in a timely manner that
meet customers' needs; the ability to attract, retain and motivate
qualified personnel; competition in the industry; the impact of
technology changes on the products and industry; failure to develop
new and innovative products; the ability to successfully maintain
and enforce our intellectual property rights and defend third-party
claims of infringement of their intellectual property rights; the
impact of intellectual property litigation that could materially
and adversely affect the business; the ability to manage working
capital; and the dependence on key personnel. DMG may not actually
achieve its plans, projections, or expectations. Such statements
and information are based on numerous assumptions regarding present
and future business strategies and the environment in which the
Company will operate in the future, including the demand for its
products, the ability to successfully develop software, that there
will be no regulation or law that will prevent the Company from
operating its business, anticipated costs, the ability to secure
sufficient capital to complete its business plans, the ability to
achieve goals and the price of bitcoin. Given these risks,
uncertainties, and assumptions, you should not place undue reliance
on these forward-looking statements. The securities of DMG are
considered highly speculative due to the nature of DMG's business.
For further information concerning these and other risks and
uncertainties, refer to the Company's filings on www.SEDAR.com. In
addition, DMG's past financial performance may not be a reliable
indicator of future performance.
Factors that could cause actual results to differ materially
from those in forward-looking statements include, failure to obtain
regulatory approval, the continued availability of capital and
financing, equipment failures, lack of supply of equipment, power
and infrastructure, failure to obtain any permits required to
operate the business, the impact of technology changes on the
industry, the impact of COVID-19 or other viruses and diseases on
the Company's ability to operate, secure equipment, and hire
personnel, competition, security threats including stolen bitcoins
from DMG or its customers, consumer sentiment towards DMG's
products, services and blockchain technology generally, failure to
develop new and innovative products, litigation, increase in
operating costs, increase in equipment and labor costs, decrease in
the price of Bitcoin, failure of counterparties to perform their
contractual obligations, government regulations, loss of key
employees and consultants, and general economic, market or business
conditions. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
reader is cautioned not to place undue reliance on any
forward-looking information. The forward-looking statements
contained in this news release are made as of the date of this news
release. Except as required by law, the Company disclaims any
intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise. Additionally, the Company undertakes
no obligation to comment on the expectations of or statements made
by third parties in respect of the matters discussed above.
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